EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Monday, October 31, 2016
BEA 16—58


* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.


Technical: James Rankin (301) 278-9087 (Personal Income) piniwd@bea.gov
  Kyle Brown (301) 278-9086 (PCE) pce@bea.gov
Media: Jeannine Aversa (301) 278-9003   jeannine.aversa@bea.gov
PERSONAL INCOME AND OUTLAYS, SEPTEMBER 2016
Personal income increased $46.7 billion (0.3 percent) in September according to estimates released
today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $37.0 billion
(0.3 percent) and personal consumption expenditures (PCE) increased $61.0 billion (0.5 percent).

Real DPI increased less than 0.1 percent in September and Real PCE increased 0.3 percent. The PCE
price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

                                                                2016
                                                May     June    July    Aug.    Sept.
                                                Percent change from preceding month
Personal income:
 Current dollars                                0.3     0.3     0.4     0.2     0.3
Disposable personal income:
 Current dollars                                0.3     0.3     0.4     0.2     0.3
 Chained (2009) dollars                         0.1     0.2     0.3     0.0     0.0
Personal consumption expenditures (PCE):
 Current dollars                                0.3     0.5     0.3    -0.1     0.5
 Chained (2009) dollars                         0.2     0.4     0.3    -0.2     0.3
Price indexes:
 PCE                                            0.2     0.1     0.0     0.2     0.2
 PCE, excluding food and energy                 0.2     0.1     0.1     0.2     0.1

Price indexes:                                  Percent change from month one year ago
 PCE                                            1.0     0.9     0.8     1.0     1.2
 PCE, excluding food and energy                 1.6     1.6     1.6     1.7     1.7

The increase in personal income in September primarily reflected increases in compensation of employees
and nonfarm proprietors’ income (table 3).

The increase in real PCE in September primarily reflected an increase in spending for durable goods (table 7).

Personal outlays increased $59.7 billion in September (table 3). Personal saving was $797.8 billion in September
and the personal saving rate, personal saving as a percentage of disposable personal income, was 5.7 percent (table 1).

Updates

Estimates have been updated for July and August. The percent change from the preceding month for current-dollar
personal income, and for current-dollar and chained (2009) dollar DPI and PCE -- revised and as published in last
month's release -- are shown below.

                                                        Change from preceding month
                                                  July                                      August
                                Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                               (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                    66.1      63.9        0.4       0.4       39.3      35.2        0.2       0.2
Disposable personal income:
 Current dollars                    51.6      50.4        0.4       0.4       31.9      27.7        0.2       0.2
 Chained (2009) dollars             42.9      39.5        0.3       0.3       10.5       4.4        0.1       0.0
Personal consumption expenditures:
 Current dollars                    45.3      40.2        0.4       0.3        6.2      -8.0        0.0      -0.1
 Chained (2009) dollars             37.5      30.8        0.3       0.3      -11.1     -26.0       -0.1      -0.2

                                Next release:  November 30, 2016 at 8:30 A.M. EST
                                   Personal Income and Outlays:  October 2016


Personal Income and Outlays Release Dates for 2017

December 2016..........January 30   April 2017.........May 30      August 2017........September 29
January 2017...........March 1      May 2017...........June 30     September 2017.....October 30
February 2017..........March 31     June 2017..........August 1    October 2017.......November 30
March 2017.............May 1        July 2017..........August 31   November 2017......December 22


                                       Additional Information

Resources

Additional Resources available at www.bea.gov:

•	Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email
        subscription service, or following BEA on Twitter @BEA_News.
•	Historical time series for these estimates can be accessed in BEA’s Interactive Data Application.
•	Access BEA data by registering for BEA’s Data Application Programming Interface (API).
•	For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business.
•	BEA's news release scheduleNIPA Handbook:  Concepts and Methods of the U.S. National Income and Product Accounts


Definitions

Personal income is the income received by, or on behalf of, all persons from all sources:  from
participation as laborers in production, from owning a home or business, from the ownership of
financial assets, and from government and business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or
losses.

Disposable personal income is the income available to persons for spending or saving. It is equal to
personal income less personal current taxes.

Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the
behalf of, “persons” who reside in the United States.

Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.

The personal saving rate is personal saving as a percentage of disposable personal income.

Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is,
at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.”

Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.

For more definitions, see the Glossary: National Income and Product Accounts.


Statistical conventions

Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR).
Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ
“Why does BEA publish estimates at annual rates?”

Month-to-month percent changes are calculated from unrounded data and are not annualized.

Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual
rates. For detail, see the FAQ “How is average annual growth calculated?”

Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year.


List of Personal Income and Outlays News Release Tables

Table 1.	Personal Income and Its Disposition (Months)
Table 2.	Personal Income and Its Disposition (Years and Quarters)
Table 3.	Personal Income and Its Disposition, Change From Preceding Period (Months)
Table 4.	Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
Table 5.	Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Table 6.	Personal Income and Its Disposition, Percent Change From Preceding Period (Years and
                Quarters)
Table 7.	Real Personal Consumption Expenditures by Major Type of Product (Months)
Table 8.	Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Table 9.	Price Indexes for Personal Consumption Expenditures: Level and Percent Change From
                Preceding Period (Months)
Table 10.	Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent
                Change From Month One Year Ago
Table 11.	Price Indexes for Personal Consumption Expenditures: Percent Change From Month One
                Year Ago